My mother knew about the car loan offered at my bank and insisted that I buy a car. And while I defend myself with words such as "I don't need it for now.", she and my siblings called me "kuripot". In my mind I'm just being frugal. But how many people really know the difference between being "kuripot" and being frugal?
A lot of rich people who are self made millionaires, being frugal is one trait they all have in common. Being frugal is a virtue of spending money on things that are necessity or are important for our daily lives. Being frugal means being smart with our money. Being frugal is knowing the consequences of where we put our money.
Being frugal is a mindset. It is not being afraid to spend money. But rather, you know enough the consequences of spending money, that you don't want to commit to the repercussions. For example, you need P1,000,000 to retire. But all of a sudden, you wanted to buy a car. It could be comfortable commute to work and "may" make you productive, but think of the consequences. A brand new car may cost around P600,000. If you spend P600,000 pesos on a new car, you just spring board yourself back a few years. Because of how much years you need to work just to replace P600,000 for your retirement.
Being frugal in a way is delaying gratification. Its ok to commute for now. If it means I could save the P600,000 and achieve my retirement fund.
Being a kuripot is being a "miser". A person who is afraid to spend because he is not confident in replacing the money he spent. A kuripot is someone who thinks far too long to part with his money, even if the money is used for necessities. And then gets angry if the money is lost. A kuripot suffers depression when he losses money. Suffers anxiety when the risk of losing money is great. He would rather stash his money in a box, bury it somewhere (like a savings account) than risk it in an investment.
A kuripot in a way is too attached to money that he is affected by it. A frugal person, knows the use of money and would not matter to him if the money will be used to a better cause.
While people will continue to accuse and laugh at me of being kuripot. I don't mind. We know who will get the last laugh.
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